An amnesty scheme will be introduced for property tax calculations

As a result of ongoing talks between Government Officials and Real estate agents & Developers, it has been mutually decided to fix fair market rate for 18 big cities under the DC rate, in a meeting held Thursday. Government amended the decision of property valuation by state bank’s experts and DC rate will be reconsidered. The stakeholders, FBR and real estate agents will propose their formulas and suggestions for rate determinations in a meeting going to be held on Wednesday. Resources also confirmed that both sides agreed on amnesty scheme, in which 5% fixed tax will be implemented on income without confirmation of source of income.